Instant Cash Loans
There are times in life when you may find that you need cash quite quickly. Applying for a loan with a bank or another lender can take up to a week. You have to fill in your application form, wait to hear back, sign documents and then receive the loan which can take an additional few days.
If you need cash in a hurry then there are instant cash loans available. There are a number of lenders who specialise in instant cash loans, and they aim to give you the money that you need within a few hours. In some cases you can get the money that you need within 15 minutes. It all depends upon which lender you choose and how much you need to borrow.
Understanding Instant Cash Loans
Instant cash loans are small and they will give you anything from $100 to $2,000. Most lenders typically go up to $1,000. You are basically borrowing the money until you next get paid. You can choose to pay the lender back on a specific date, or on the last working day of the month.
The main difference between an instant cash loan and any other loan is the fact that you pay it back in full. There are no monthly instalments; you simply pay back what you borrowed, plus interest, when you get paid. The lender will take your bank account details and automatically take the payment on the date agreed.
You can apply for an instant cash loan either online or in person. You’ll need a few personal details but usually no credit checks are carried out. This is another reason why you can often get your money the same day. Instant cash loans are perfect for emergency situations.
Looking at Different Lenders
It is really important that you shop around to find the best lender. Some will carry out credit checks and some may even require references. The interest rates will also differ from lender to lender.
The one thing that you will notice about instant cash loans is that they have an extremely high interest rate. It is typically more than 1,000%. Don’t let this put you off however. Providing that you pay the loan back in full on the date agreed, you won’t have to pay very much interest.
Lenders will usually tell you exactly how much you need to pay back before you take out the loan. It can be as low as $20 per every $100 that you borrow. The problem with interest will come if you cannot make the repayment for any reason. That ‘s why it is really important that you only borrow what you know you can pay back.
Some lenders may also allow you to pay the loan back early. This will save you money as you won’t be charged as much interest.
There is the temptation to keep using instant cash loans each month. Try not to fall into this trap. They should only ever be used in an emergency. In some cases they can help you to rebuild your credit history. It will show other lenders that you can borrow money and pay it back on time.
If you do find that you will not be able to make the repayment on time the you may be given the option to extend your loan for an additional month. Overall instant cash loans can be really useful providing that you do not overuse them.
You’ll need to be employed, be over age 18 and have a bank account to apply for one. Don’t forget to compare as many different Australian lenders as you can before you choose one.
Featured Personal Loans
| Personal Loan | Details | Min Interest Rate | Min Comparison Rate | Min Loan Amount | Min Loan Terms | Apply Fee | |
|---|---|---|---|---|---|---|---|
 ME Bank Personal Loan | A low rate personal loan from ME Bank with no application fee for a limited time. | 13.59% | 13.81% | $5000 | 1 year | $0 |   |
 Aussie Personal Loan | A smart way to consolidate your bills to save time and money so you can pay for your holiday, a wedding or renovate the house. | 13.90% | 14.84% | $3000 | 1 year | $199 | |
 Sugar Money Personal Loan | Fixed rate personal loan with flexible options to get you funds when you need it. | 13.99% | 15.00% | $3000 | 2 years | $250 | |
 bankmecu Personal Loan | A convenient and fast way to purchase a car or debt consolidation with affordable rates and fees. | 13.49% | 14.55% | $1000 | 1 year | $150 | |
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